Statistics from GlobalData predict the sector to swell 6 percent annually through 2025 to reach $62 billion.
“In the first half of 2020, we saw a significant decline in monthly revenues for the cardiovascular medical device market, driven by the COVID-19 pandemic," said Kevin Dang, a medical devices analyst at GlobalData. "However, monthly revenues rebounded in the second half of 2020 and are back on track to reach GlobalData’s forecast largely due to impressive performances by cardiac assist devices along with other segments such as electrophysiology, interventional cardiology and peripheral vascular devices."
Approximately 50 percent of patients in areas with a high number of cases in the United States have cancelled or postponed appointments. This has led to poor performances in cardiovascular device categories that are not considered to be essential. However, GlobalData projects that cardiac rhythm management devices will rebound to become a leading category within the cardiovascular devices market in the second half of 2021.
“Some segments within cardiovascular devices have not performed so well, such as cardiac rhythm management devices which had the largest decline in usage, particularly in the U.S.,” Dang noted. “Recently, COVID-19 vaccinations have led to a decline in the number of cases in the US. Once the pandemic is under control, medical device usage and sales will soar, and cardiovascular devices will benefit immensely.”